Section 3: Production Possibilities Curves
{"Image DocumentName": "Section 3: Production Possibilities Curves", "Image ImageDescription": "Economists use tools to analyze opportunity costs and trade-offs. Graphs easily help us to see how one value relates to another value. Production possibilities curve. A graph that shows alternative ways to use an economy\u2019s resources. Show efficiency, growth, and cost. Individuals, businesses, societies (countries\u2019 governments) Book example: 1941 U.S. entered WWII \u2013 had to produce weapons and equipment to win war. Govt agencies switched output of America\u2019s factories, farms, and mines. from consumer products to military products. -- changed from producing automobiles to military vehicles. Whether at war or not, nations must choose what to produce.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}